|Travis CU Director of Corporate Communications Sherry Cordonnier (forefront) and SVP and Chief Loan Officer Stacy Fifield testify before the California Senate Committee on Banking and Financial Institutions, which held an informational hearing in November on various nonprofit and community based organizations with small-dollar loan products.|
CU TESTIFIES ON 'ERA TANDA' LOAN
updated 12/04/13 11:02 AM
Banking Committee Reviews Program
Representatives from Travis CU recently testified before the California Senate Banking Committee about its new loan product that's geared to help the unbanked and under-banked Latino community access financial education and improve credit.
Travis CU Director of Corporate Communications Sherry Cordonnier and Senior Vice President and Chief Loan Officer Stacy Fifield were invited to testify before the Senate Committee on Banking and Financial Institutions, which held an informational hearing in mid-November on various nonprofit and community based organizations with small-dollar loan products.
The credit union recently finalized a small-dollar lending pilot program, the "New Era Tanda Loan Program." The pilot debuted in mid-2012, in part through a grant received by the National Credit Union Foundation (NCUF). It was designed in partnership with Coopera, a firm focused on the emerging Hispanic market, to help Latino participants develop a 12-month shared savings goal and to take advantage of the credit union’s unique savings-and-loan offerings.
"We developed the program concept for this unique program centered on 'tandas' (also known as cundinas, sans or quinelas)," Cordonnier said. "Tandas—informal borrowing and lending circles—are common in immigrant cultures, especially Latin American immigrant cultures. The modernized tanda, developed by Travis Credit Union, aimed at bridging a cultural custom with the credit union experience."
Travis CU partnered with the Yolo Family Resource Center to conduct the pilot program, which used a grassroots and culturally relevant approach tailored to the local Latino community. Participants contributed on a monthly basis to a shared savings account and also received a group share-secured loan to help save for a down-payment on a vehicle. After successfully completing the program, each qualified participant was eligible for a Travis CU credit-building credit card and/or auto loan.
Through pre- and post-surveys, the credit union found that those who participated were more likely to use online banking, bill pay, checking accounts, ATM/ debit cards, credit cards, savings accounts and direct deposit than they were prior to the program. They were also more likely to balance a checkbook, cash checks, and use a personal budget, Cordonnier said.
"The pilot program was a success that will hopefully be replicated in the future at Travis Credit Union and other credit unions,” she added.
ADDITIONS TO SEPT. 'HIKE THE HILL' updated
08/24/15 12:08 PM
Coffee With Regulators and MBL
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FHA ISSUES STATEMENT ON 'PACE' LOANS updated
08/24/15 02:41 PM
Consistent With Leagues' Comments
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REP. MCCLINTOCK SUPPORTS MBL RULE updated
08/21/15 10:45 AM
Submits Letter to NCUA
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WHAT'S DRIVING MEMBERSHIP GROWTH updated
08/19/15 11:59 AM
Three California Perspectives
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RMJ TOURNEY RAISES NEARLY $60,000 updated
08/19/15 10:39 AM
Event Sold-Out With 144 Golfers
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'PACE' EXPANSION ATTEMPT DEFEATED updated
08/18/15 10:36 AM
League Engaged Lawmakers on Issue
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CALL TO ACTION: MBL COMMENTS NEEDED updated
08/17/15 04:28 PM
NCUA Deadline is Aug. 31
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CA CUs AID FIRE VICTIMS updated
08/14/15 03:20 PM
Fundraising Efforts Continue
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CU Direct Partners with CULA updated
08/13/15 02:54 PM
Leasing Option Availability
CU Direct, the provider of lending, automotive and strategic solutions to the credit union industry, has entered into a new agreement with Credit Union Leasing of America.
MEMBER BEHAVIOR: SHIFT IS COMING updated
08/11/15 10:40 AM
Conference Spotlights Rates, Economy
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CUs GAIN INSIGHTS AT SHAPIRO SUMMIT updated
08/11/15 09:25 AM
Talk Strategy, Marketing, Trends
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NCUA AWARDS $2 MILLION IN GRANTS updated
08/07/15 11:05 AM
Funds Help 225 Low-Income CUs
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Auto & Home Loans Drive Trend updated
08/07/15 02:42 PM
Member Lending Benefiting CUs
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REP. BROWNLEY SUPPORTS MBL RULE updated
08/06/15 04:28 PM
Writes Letter to NCUA
As reported in the California and Nevada Credit Union Leagues’ Advocacy Blog, Representative Julia Brownley (D-Ventura) was the first member of Congress to formally write to the National Credit Union Administration (NCUA) in support of their proposal to modernize the member-business lending (MBL) rule. There will likely be many more to write in support of updating this outdated member business lending rule.
Vendor Authority Bill, Halted updated
08/05/15 04:20 PM
The League & CUNA Oppose Amendment
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CO-OP LAUNCHES CO-OP API SUITE updated
08/05/15 01:52 PM
New Developer Tool Helps CU Apps
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STATE EXPLORES BANKING MARIJUANA BIZ updated
08/03/15 02:30 PM
CU Reps Discuss on CA Panel
While California Board of Equalization Member Fiona Ma is proposing a state-run bank to serve the “legitimate” marijuana industry in California, the board is concerned with people walking into their offices with thousands of dollars in cash to pay their state taxes.
CUNA’S ’15-’17 STRATEGIC PLAN updated
07/31/15 09:44 AM
Letter From CEO Jim Nussle
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CATALYST'S ANNUAL ECONOMIC FORUM updated
07/31/15 08:54 AM
Registration Now Open
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WCMS CELEBRATES ‘15 GRADUATING CLASS updated
07/28/15 08:42 AM
New Fellowship Announced
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NEW VERSION OF SPRIG BY CO-OP updated
07/24/15 12:29 PM
Available at iTunes and Google Play
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NCUA TESTIFIES BEFORE CONGRESS updated
07/24/15 09:24 AM
Chair Debbie Matz Speaks
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NCUA APPROVES $1.3M REDUCED BUDGET updated
07/23/15 09:22 AM
Board Cuts Operating Fund
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NCUA HEARING SLATED FOR JULY 23 updated
07/22/15 12:35 PM
Chairman Debbie Matz to Testify
The National Credit Union Administration (NCUA) Chairman Debbie Matz is scheduled to testify before the House Financial Services Committee’s Subcommittee on Financial Institutions and Consumer Credit on Thursday, July 23 at 11 a.m. PT/2 p.m. ET. Please note this hearing was originally scheduled for Friday, July 24.